Monolith partners with decentralized finance heavyweights to spend MKR, DGX, TKN and DGD anywhere that accepts Visa 🚨 This article is 5 years old...
Monolith partners with decentralized finance heavyweights to spend MKR, DGX, TKN and DGD anywhere that accepts Visa
2 min read
Updated: Aug. 18, 2019 at 4:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Monolith is bringing crypto adoption to the mainstream with a debit card that lets you spend your coins and tokens anywhere in Europe that Visa is currently accepted.
The news follows an announcement from UK-based Monolith that they have partnered with MakerDAO and Digix to offer their tokens on the platform.
Creating gold for the digital age. pic.twitter.com/Y0FRa5kHiv
— Digix (@DigixGlobal) July 1, 2019
The smartphone-based Monolith platform allows you to quickly and easily send and receive cryptocurrencies, including ETH, DAI, TKN, MKR, DGX, and DGD, convert them into fiat currency and pre-load them on to a Visa debit card that is attached to your Monolith account.
Mel Gelderman, CEO of Monolith, said MakerDAO and Digix represent high-quality Ethereum decentralized finance projects and are the first in a long set of milestones on Monolith’s roadmap. He said:
“We’re thrilled to have had a fantastic response from our beta users and are now ramping up for growth. Rebranding from Tokencard to Monolith has helped us achieve our mission of democratizing finance and bringing the token economy to everyone while providing a unique service to our customers.”
Gelderman added:
“MakerDAO and Digix are some of the most well-recognized and earliest Ethereum-based projects. For TKN holders, these partnerships mean that MKR, DAI, DGD and DGX are now eligible for use in Monolith. We’re thrilled to offer them on the platform, and see this as the start of bringing many more quality tokens into the Monolith ecosystem. Watch this space.”
Self-sovereign banking
Monolith means anyone can finally achieve the cypherpunk ideal, of ‘becoming their own bank’, and can effectively live their lives on Ethereum away from big banks and corporations.
Once loaded up the Visa debit card can be used at millions of locations across Europe that accept Visa, opening up a world of opportunity for people who want to make a permanent switch to living on cryptocurrencies.
You can then spend your cryptocurrencies anywhere Visa is accepted, whether it’s buying drinks, cinema tickets, or anything else you can think of.
Tea, Tokens and the Moon landing. Paid for in $ETH with @tokencard_io
Best weekend. pic.twitter.com/xeW8obrbzi
— Mel 'Monolith' Gelderman (@MelGelderman) August 3, 2019
The service is decentralized and completely non-custodial, with each account holder creating a private seed phrase for their account and having complete control of their finances, allowing them to operate as their own self-sovereign bank.
Backing
They have the backing of some well-respected figures across the crypto space too, including Rune Christensen, CEO, and founder of MakerDAO. He said:
“Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings. Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.”
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Ethereum
$3,385.65
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Maker
$1,709.39
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Single Collateral DAI
$1.28634
Dai is a cryptocurrency that automatically reacts to emergent market conditions in order to stabilize its value against the major world currencies.
Maker is a Decentralized Autonomous Organization that creates and insures the dai stablecoin on the Ethereum blockchain.